NETHERLANDS – Dutch industry-wide transport fund Pensioenfonds Vervoer has appointed Goldman Sachs Asset Management to run a €5.4bn fiduciary mandate – resulting in a loss for incumbent F&C.

The brief covers all of the pension fund’s assets – including equities, fixed-income and hedge funds. The fund was advised by consulting firm Goris & Partners.

“This is the largest fiduciary management mandate to be awarded in the Netherlands to date,” GSAM said in a statement.

IPE reported earlier this month that F&C was to be dropped as sole asset manager at the fund.

“The reason is our philosophy that one company cannot be good at everything. So, it makes sense to look for more diversification amongst managers,” Vervoer’s chief investment officer Patrick Groenendijk said at the time.

GSAM said it would be responsible for seeking a better risk-return profile for Vervoer’s overall portfolio. It would also advise on risk budgeting, benchmarking and managing active risk.

It added the win was its fifth significant fiduciary mandate in the Dutch market – and that it “reflects the accelerating trend in the Netherlands of pension funds outsourcing to external multi-managers”.

“What we are basically doing is we’re outsourcing our manager selection and monitoring activities,” said Groenendijk earlier this month. He joined the fund from Barclays Global Investors in November last year.

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